Stifel Nicolaus Hires Bankers

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In the latest bit of muscle-flexing by a mid-tier investment house, St. Louis-based Stifel, Nicolaus & Co. added senior bankers to cover financial institutions and technology companies.

Kent Carstater joined as a managing director in Stifel's financial institutions practice. He was president of a private equity subsidiary of Resource America, Inc. Earlier, he completed more than 70 M&A and capital markets transactions totaling over $9 billion as a principal at Keefe, Bruyette & Woods. Carstater is a graduate of Virginia Tech and has an M.B.A. from the Darden School at the University of Virginia.

Doug Brockway joined Stifel as a managing director in its technology practice, which is headed by Richard Giles. Brockway was co-head of Innovation Advisors, a technology-focused investment bank, and previously founded and led SG Cowen's Boston technology corporate finance group. He graduated from Dartmouth College and has an M.B.A. from Harvard Business School.

The hires mark the latest in a string of expansions for Stifel Nicolaus. Last month the firm acquired Butler Wick & Co., a stock brokerage, wealth manager and investment bank with offices in Ohio, Pennsylvania and New York state. During the first half of 2008Stifel opened 14 new private client group offices across the U.S., and in July it hired four municipal bond bankers from Wachovia to open a public finance office in East Lansing, Mich.

Those moves followed Stifel's integration of two larger purchases: Legg Mason Capital Markets Group in 2005 and Ryan Beck last year.